Polished crank

It means sombody spent more money on sandpaper than the crank was worth.
Seriously, the crank would be ground .010" undersize, which is the way it is reconditioned when it is no longer usable at standard size. It would then be micro polished with sandpaper or crocus cloth to give it a smooth surface. Trying to polish to a smaller size will result in an out of round shape and unequal bearing clearance.